Your Indiana Wills, Trusts, & Estates Explained Simply: Important Information You Need to Know for Indiana Residents

Overview

Few people want to think about what would happen to their family if they become disabled or die; however, planning for these occurrences in advance will reduce potential stress on your family later in life. This hew book will take the guesswork out of planning your estate and help you finally understand the complex processes.

The right plan can protect the value of your estate and spare your loved ones unnecessary hassles and legal conflicts. Your Indiana Wills, Trusts, & ...

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Overview

Few people want to think about what would happen to their family if they become disabled or die; however, planning for these occurrences in advance will reduce potential stress on your family later in life. This hew book will take the guesswork out of planning your estate and help you finally understand the complex processes.

The right plan can protect the value of your estate and spare your loved ones unnecessary hassles and legal conflicts. Your Indiana Wills, Trusts, & Estates Explained Simply will help you glide through this complicated process. This new book has been adapted to offer Indiana residents state-specific advice for estate planning. Author Linda C. Ashar, attorney at law, has crafted an estate planning primer, allowing Indiana residents to become more informed and more involved during the process.

Your Indiana Wills, Trusts, & Estates Explained Simply will provide all the information you need to choose, set up, and execute a will, trust, or estate. You will learn the legal terminology, including beneficiary, probate, trustor, trustee, assets, guardianship, and executor. You Will also learn about trust agreements, trust property, settlement costs, life insurance, durable powers of attorney, marital deductions, gift splitting, survivorship deeds, gift tax issues, generation skipping transfer tax, tax deferred accounts, and advance directives.

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Product Details

  • ISBN-13: 9781601384249
  • Publisher: Atlantic Publishing Group Inc.
  • Publication date: 4/30/2011
  • Pages: 288
  • Product dimensions: 6.00 (w) x 8.90 (h) x 0.90 (d)

Table of Contents

Introduction: Estate Planning: What is It? 9

Chapter 1 Getting Started 11

Estate Planning Simplified 12

Everyone Dies: A Simple Statement with Complicated Implications 14

Money Talk 15

I Do What with All This? 16

What This Work Can Do 24

What Exactly is Involved 25

Chapter 2 Estate Planning Basics 29

Debunking Myths 31

Your Estate 33

People 35

Who Will Carry Out Your Wishes in Your Place? 44

People of Influence 51

Chapter 3 Components of an Effective Estate Plan 57

Legally Speaking 58

Defining Your Estate 61

Pass the Parchment 62

Chapter 4 Taxes 77

Federal First 78

Now for the State 83

When, Not If, You Pay 85

Chapter 5 Wills 97

Will Basics 98

Wills Defined 99

The "Other" Will 107

People Speaking for You 110

Change and Your Will 112

Chapter 6 Trusts 115

What is a Trust? 116

Types of Trusts 121

Pros and Cons of Forming a Trust 126

Chapter 7 Insurance 129

Insurance for Here and Now 131

Insurance for After You Are Gone 139

Varying Beneficiaries 142

Chapter 8 Retirement Accounts 147

Your Nest Egg 148

Employer Pension Plans 149

IRAs and Then Some 152

Your Government Nest Egg 153

Protecting Your Eggs 156

Retirement/Estate-Planning Strategy 158

Chapter 9 Setting Priorities 163

Your Own Who's Who 164

Memory Lane 169

Your "People" 172

Must-Do 174

Chapter 10 Choosing Who, What, When, and Why 177

Who and When: The Matching Game 178

When: Today, Tomorrow, or Later? 181

How: The Professionals 183

Chapter 11 Planning Your Estate Last: Will and Testament in Indiana 191

Elements of a Valid Indiana Will 192

Changing Your Will - Codicils 196

Nuncupative (Oral) Will 196

Where to Keep Your Will 197

Beneficiaries, Debts, and Entitlements 198

Bequests to Minors 200

Intestate in Indiana 201

Spousal and Family Allowance 202

Death Taxes 203

Guardian of Children 204

Abatement 204

How Your Will Might be Challenged 205

A Different Type of Will - Advanced Directives in Indiana 207

Chapter 12 Keeping it Current 211

What Changes? 212

What Docs "Maintenance" Look Like? 214

What to Go Over 218

Your Desk 219

One Last Motivator: Probate and You 221

Conclusion 229

Appendix A Estate-Planning Worksheets 231

Your Estate in Black and White 231

Prioritization 234

Who, What, How, and When 235

Essential Documents and Accounts Inventory 236

Party Planning with an Unusual Twist 256

Estate Plan Summary Sheet 258

Annual To-Do List 259

Appendix B Notice of Administration 263

Appendix C Glossary of Terms 263

Bibliography 283

About the Author 284

Index 285

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